- Food Empire (SGX:F03) reported a record FY22 which blew past ours and consensus estimates. 4Q22 revenue grew 29% y-o-y while NPAT surged 22.6% y-o-y, driven by strong demand from Russia, CIS markets and India. Food Empire's dividend also doubled y-o-y to S$0.044.
- - Read this at SGinvestors.io -
- With a positive outlook and resilience despite the ongoing Russia-Ukraine conflict, we maintain BUY recommendation on Food Empire.
Record year – more to come
- - Read this at SGinvestors.io -
- We expect demand to remain strong in Russia and the CIS region and stronger growth from Vietnam as well as the expansion of its no-dairy creamer facility which is expected to begin commercial production by 4Q23.
- In India, spray dry and new freeze dry coffee plants continue to operate at full capacity but should yield higher margins due to cost reductions on the back of freight cost normalisation.
- We also expect the next two quarters to be much stronger y-o-y as the conflict started midway during 1Q22.
Dividends double + share buybacks to continue
- Read more at SGinvestors.io.
Above is the excerpt from report by Maybank Research.
Clients of Maybank Securities may be the first to access the full report in PDF @ https://maybanktrade.com.sg/.
Jarick Seet Maybank Research | Eric Ong Maybank Research | https://www.maybank-ke.com.sg/ 2023-02-28
Read also Maybank's most recent report:
2024-02-28 Food Empire - And Now For The Cream On Top.
Previous report by Maybank:
2024-02-23 Food Empire - Potentially Another Record Year.
Price targets by 3 other brokers at Food Empire Target Prices.
Listing of research reports at Food Empire Analyst Reports.
Relevant links:
Food Empire Share Price History,
Food Empire Announcements,
Food Empire Dividends & Corporate Actions,
Food Empire News Articles
